- The stock price of Myovant Sciences Ltd (NYSE: MYOV) increased by 20.48% as it went from a previous close of $22.75 to $27.41 between December 27 and December 28. This is why it happened.
The stock price of Myovant Sciences Ltd (NYSE: MYOV) increased by 20.48% as it went from a previous close of $22.75 to $27.41 between December 27 and December 28. One of the biggest triggers for the stock price increase was an announcement about a collaboration deal with Pfizer for a cancer drug, which could also be used as a treatment for women’s health disorders.
Myovant and Pfizer are going to jointly develop and sell relugolix along with combination tablets with the same drug in the U.S. and Canada. The U.S. Food and Drug Administration (FDA) has already approved relugolix for prostate cancer treatment. And the FDA is also considering it to treat uterine fibroids and endometriosis.
Myovant is going to receive up to $4.2 billion, including an upfront payment of $650 million, $200 million in potential regulatory milestones for U.S. Food and Drug Administration (FDA) approvals for relugolix combination tablet in women’s health, and tiered sales milestones upon reaching certain thresholds up to $2.5 billion in net sales for prostate cancer and also for the combined women’s health indications. And if Pfizer exercises the option to commercialize relugolix in oncology outside of the U.S. and Canada (excluding certain Asian countries), Myovant will receive $50 million and be entitled to receive double-digit royalties on sales.
Myovant and Pfizer are going to equally share profits and expenses for Orgovyx — which is relugolix’s brand name for prostate cancer. And Myovant will record the sales.
KEY QUOTES:
“We are thrilled to partner with Pfizer to unlock the full potential of ORGOVYX in advanced prostate cancer and relugolix combination tablet in uterine fibroids and endometriosis, advancing our mission to redefine care for women and for men. Pfizer is the ideal partner for Myovant given its impressive capabilities and track record across both oncology and women’s health. This transformative collaboration will significantly strengthen the upcoming launch of ORGOVYX and the potential launches of relugolix combination tablet in women’s health, while substantially enhancing our financial position and enabling us to expand our pipeline of potential new medicines.”
– Lynn Seely, M.D., Chief Executive Officer, Myovant Sciences, Inc.
“We are excited to join forces with Myovant and combine our capabilities to bring ORGOVYX to patients with advanced prostate cancer. This strategic collaboration builds on our leadership in serving prostate cancer patients in the U.S. and aligns with our goal to deliver more breakthroughs across the prostate cancer treatment paradigm.”
– Andy Schmeltz, Global President, Pfizer Oncology
“There continues to be a high unmet need among the millions of women who experience the common and debilitating symptoms associated with uterine fibroids and endometriosis. We believe our deep heritage and leadership in women’s health combined with our experienced women’s health field force will enable us to maximize these opportunities with Myovant, potentially bringing valuable new treatment options to these women.”
– Nick Lagunowich, Global President, Pfizer Internal Medicine
